Bitcoin touching 29k would be daydreaming - here's why
Market recovered 30% today in less than 24h after having one of the greatest falls. This itself is a very big sign of market manipulation and overall bullishness in the long term.
As per a report by Cointelegraph, only the small and retail investors sold their positions and were the ones to face losses.
If you're scared that BTC will fall to 25k, then feel relived knowing that it wont even go below 33k.
What we're are seeing right now is a dip before the coin rises further, to touch 43.5k.
If you look at the order books on Binance, the sell orderbook looks deserted, whereas the buy orderbook is filled with huge $4M+ buy walls at 38k, 36k, 35k, 30k and the biggest being at 25k.
The truth is that all the retail investors already sold off at losses yesterday. I believe that majority of today's buyers are the same who sold at the lowest prices yesterday. They are thinking that the price will touch that again. But the lack of depth and sellers shows that it is not going to happen.
The situation right now is very similar to what happened with DOGE when Elon announced that he's going to appear on SNL. 90% of the people, including even Mark Cuban thought that Doge will touch $1, which obviously it didn't. The reason was that even before touching 1$, the order book had massive sell walls at so many prices below the $1 mark. There too, just like bitcoin, everyone thought it would touch the price they were expecting. But as you know, it didn't. You are going to see the same thing today with bitcoin.
Let me repeat, the sell orderbook on Binance is DESERTED. Nobody's selling because 80% already sold yesterday. Few of the remaining small investors will sell off today.
The very fact itself that people eagerly expect it to touch 25k to buy at that price will never allow it to touch 25k. If you look at the charts, Bollinger bands are flattened on the 1h chart indicating an end of volatility. BTC has failed to cross the 0.618 Fib level and has bounced back from it as of writing.
The total value of the buy walls between 39.5k to 30k equals 80M$.
The buying pressure is so high that I believe it will never go below 36k.
The biggest sell wall is at 42k with 6.8M$ worth of BTC waiting to be sold.
The next sell walls are at 43k & 45k - each having a value of approx 7M$.
The buyers are going to overpower the sellers today. Some insider sources are claiming that it is going to fall to 25k, but the buying pressure is so huge that it's never going to happen. It's the end of the party for them. I still believe it can fall to 36k, but anything below that looks impossible.
Source: Binance Orderbooks.
Note: Not a financial advice. Your trade, your risk.
As per a report by Cointelegraph, only the small and retail investors sold their positions and were the ones to face losses.
If you're scared that BTC will fall to 25k, then feel relived knowing that it wont even go below 33k.
What we're are seeing right now is a dip before the coin rises further, to touch 43.5k.
If you look at the order books on Binance, the sell orderbook looks deserted, whereas the buy orderbook is filled with huge $4M+ buy walls at 38k, 36k, 35k, 30k and the biggest being at 25k.
The truth is that all the retail investors already sold off at losses yesterday. I believe that majority of today's buyers are the same who sold at the lowest prices yesterday. They are thinking that the price will touch that again. But the lack of depth and sellers shows that it is not going to happen.
The situation right now is very similar to what happened with DOGE when Elon announced that he's going to appear on SNL. 90% of the people, including even Mark Cuban thought that Doge will touch $1, which obviously it didn't. The reason was that even before touching 1$, the order book had massive sell walls at so many prices below the $1 mark. There too, just like bitcoin, everyone thought it would touch the price they were expecting. But as you know, it didn't. You are going to see the same thing today with bitcoin.
Let me repeat, the sell orderbook on Binance is DESERTED. Nobody's selling because 80% already sold yesterday. Few of the remaining small investors will sell off today.
The very fact itself that people eagerly expect it to touch 25k to buy at that price will never allow it to touch 25k. If you look at the charts, Bollinger bands are flattened on the 1h chart indicating an end of volatility. BTC has failed to cross the 0.618 Fib level and has bounced back from it as of writing.
The total value of the buy walls between 39.5k to 30k equals 80M$.
The buying pressure is so high that I believe it will never go below 36k.
The biggest sell wall is at 42k with 6.8M$ worth of BTC waiting to be sold.
The next sell walls are at 43k & 45k - each having a value of approx 7M$.
The buyers are going to overpower the sellers today. Some insider sources are claiming that it is going to fall to 25k, but the buying pressure is so huge that it's never going to happen. It's the end of the party for them. I still believe it can fall to 36k, but anything below that looks impossible.
Source: Binance Orderbooks.
Note: Not a financial advice. Your trade, your risk.
